HI-Scot Credit Union

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Save With Us Save With Us

It makes sense to save with us

Everyone benefits from regular saving, as it allows us to work towards our financial goals and gives peace-of-mind should an emergency arise. Committing yourself to a regular saving pattern can be difficult but at HI-Scot it's easy by either standing order or payroll deduction, and our members can save at an affordable level, be it £1 or £100.

Members can also use their Member Cards to pay in to their accounts at any Post Office or PayPoint outlet, making saving even easier. Small regular amounts soon add up and remember that at HI-Scot you are not just another customer, but a co-owning member of an organisation which provides security and protection.


Withdrawing your savings at HI-Scot is also simple

We can arrange to transfer funds directly to your nominated bank account. Payments will be transferred between participating financial institutions by Faster Payment and provided you contact us by 3pm, your funds should be in your bank account by 4pm the same working day. We can't guarantee that all payments will be this fast, so you should check that the bank account you are sending money to receives Faster Payments.  If you contact us after 3pm, your funds should be in your bank account by 4pm the following working day.

You must leave at least £1 in your savings account or the loan security amount of £250 if you have a Loyalty Loan.

A maximum of £250 cash can be withdrawn at our Stornoway office or we can issue you with a cheque. 


Saving Criteria

  • Limit for Share Accounts is £10,000
  • Joining fee is £2 and you must have a minimum of £1 in shares
  • There is no joining fee for under 16's


Saving Examples

The tables below give examples of how regular savings can soon add up!

Weekly Savings Table
Amount Saved: £2 £5 £10 £20 £25
Year 1 £104 £260 £520 £1040 £1300
Year 2 £208 £520 £1040 £2080 £2600
Year 3 £312 £780 £1560 £3120 £3900
Year 4 £416 £1040 £2080 £4160 £5200
Year 5 £520 £1300 £2600 £5200 £6500


Monthly Savings Table
Amount Saved: £10 £15 £30 £40 £50
Year 1 £120 £180 £260 £480 £600
Year 2 £240 £360 £720 £960 £1200
Year 3 £360 £540 £1080 £1400 £1800
Year 4 £480 £720 £1440 £1920 £2400
Year 5 £600 £900 £1800 £2400 £3000

Summary of benefits of saving with HI-Scot

  • Save as little or as much as you can afford
  • No hidden charges or fees on any transactions
  • Credit Unions are mutual organisations - members savings are pooled to provide the resources for lending to other members
  • Depending on reserves, shares are eligible for an annual dividend

Important information about compensation arrangements

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the credit union, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website http://www.fscs.org.uk/ or call 0800 678 1100.

Find Us here:
  • HI-Scot Credit Union
  • Tel: 01851 701865
  • Fax: 01851 701542
  • Email: info@hi-scot.com
  • Web: http://www.hi-scot.com
Authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.